There are numerous options that they offer, such as peer-to-peer exchanges or through third-party exchanges, in a layman’s language through bank transfer, PayPal, or through cash deposit as well. But, do not always opt for the most economical ways of doing that; instead, check out all the possibilities, pros, and cons before opting for any method.
How to Cash Out Bitcoin Easily
How to Cash Out Bitcoin Easily
Things to consider when cashing out Bitcoin
There are a few things that you should consider while checking out the mode of converting Bitcoin into cash:
Analyze the transaction fee of different modes so that you can select the one which offers more in less price The next important thing to check is the steps required in every process. Choosing a method with lengthy steps can be monotonous and complicated as well sometimes. See the amount you want to withdraw as if the amount is less than your criteria; you might change your mind. Ask yourself if you wish to deposit the money in the bank account or your PayPal account. Check the period as to how much time it will take to credit in your account. Last but not least, always study the local rules and guidelines before opting for any method
These were the few things that you should look at before choosing any payment method. Also, there are a few questions that you should ask yourself before selecting a method.
Questions to ask before choosing any cash out method
Q1. Do you wish to opt for an easy and straightforward method or the most economical method? Q2. You want the money to be deposited in the bank account or your PayPal account? Q3. For how long can you wait for the cash to be credited to your account? Q4. You want to change your Bitcoin into which currency? When you get the answer to these questions after that, only you should think of comparing the methods as you would be clear about your requirements. Also Read: How to Mine Cryptocurrency?
How to Withdraw Bitcoin easily
These methods will provide you a clear answer on how to convert Bitcoin to cash. Here are all the significant methods for you:
Turn Bitcoin into cash using a Peer to Peer Exchange
When you are learning the various processes of how to cash out bitcoin, it becomes essential for you to know about this method as this method has proven to be quite beneficial to many users. There are many P2P exchange platforms, but one of the most used and reputed platforms is Local Bitcoins. Let us understand more about it. Local Bitcoins This platform was established in 2012, and because of its amazing services and massive customer base, they support almost every country worldwide. Thus, from whichever part of the country you are from, you would be able to get buyers for selling your Bitcoin. As mention above, in P2P, you can select any payment method you want. There are several payment modes available on Local Bitcoins, such as:
International Bank Wire Local Bank Transfer Payoneer Skrill PayPal Web Money Western Union Gift Vouchers Neteller Bank Cash Deposit
People who are already well versed about how to cash out Bitcoin can decide and upload the price they wish to trade the Bitcoin for. This can also be done by creating an advertisement, but that would cost you 1% of the total sale. On the contrary, if you want to sell it to a buyer who has already listed the price, you would not have to pay any fee.
How to Cash Out Bitcoins using Local Bitcoins
How to move Bitcoin to a Bank Account
Once you get the Bitcoin converted into cash, after that you can move them into a bank plus you can withdraw the money through various ways such as:
How to Cash Out Bitcoin using a Broker Exchange?
The methods mentioned above are most common and liked by people because of the ease of transactions and safety. Now, let us understand and know more about how can you easily cash out bitcoin by using a broker exchange- Coinbase: This is one of the most renowned broker exchanges for trading Bitcoins. If you analyze and compare it with the other famous exchanges, you would see that Coinbase processes more Bitcoin transactions than anyone else in the market. They have a huge customer base of more than 13 million people. Here are some of its features: a. Withdrawal methods: One of the highlighting parts about them is that you can sell your Bitcoins for cash through them. You can later withdraw into your bank account if you want. There is one condition to it that you would be able to cash out your Bitcoin into the bank account you used to purchase cryptocurrency on Coinbase. If you have not purchased any cryptocurrency through them, then you would have to buy a small amount from them so that the money can be cashed out in your account. b. Fees: The fee they charge depends on the country in which your bank account is. For example, if you are selling your Bitcoin in USD, then a wire transfer would be $25; on the contrary, if you are in the EU and possess SEPA, then you would just have to pay $0.15. c. Cash-out times: The time in which the amount gets credited to your account would also vary from country to country. For example, in the US, the withdrawal time ranges from 4-6 working days, whereas in the EU, it just takes 1-3 working days.
Steps to turn Bitcoin into cash using Coinbase
How to turn Bitcoin into cash using Kraken
Kraken is another well-known exchange that enables withdrawals and fiat currency deposits quickly. This exchange was established in 2011, and the maximum transactions that they process are Bitcoin to Euro. They also deal in other big currencies as well such as USD, JPY, and CAD. Here are some of its features:
Withdrawal methods-You can withdraw the Bitcoin into cash to your local account with Kraken. Fees– The withdrawal fee of Kraken is relatively low than other similar platforms. For example, if you wish to sell your Bitcoin for USD using a local bank, you would have to pay $5; for the SEPA cash out, you just need to pay 0.09 euros. Cash-out times– Your account would be credited in 1-5 working days in your bank account.
Points to remember when converting Bitcoin into cash
There are a few things that one must keep in mind before converting all the Bitcoins to your bank account-
List of Banks that Accept Bitcoin
Just to make it easy for you, here is the list of banks that accept Bitcoins:
Banks that Ban or Limit Bitcoin Purchasing
Recommended: How To Get Bitcoins In India For Free The various factors that you should consider are the amount that needs to be cashed, the fee they charge, the safety of funds, and the period in which you want the amount to be credited to your account. So choose wisely and spend less while cashing out your Bitcoins. Happy trading!
